NEW YORK, June 10, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (Nasdaq: TUSK) in the United States District Court for the Western District of Oklahoma on behalf of those who purchased or acquired the securities of Mammoth between October 19, 2017 through June 5, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Mammoth’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion; (ii) specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process; and (iii) as a result, Defendants’ statements about Mammoth’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the August 6, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

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